The Australian Securities and Investments Commission (ASIC) has imposed new licensing conditions on Morgans Financial, a retail stockbroking and wealth management firm, after it identified concerns about the firm’s arrangements for monitoring and supervising its representatives after serious breach incidents.
ASIC said this action follows a number of activities, including a surveillance of Morgans’ compliance with financial services laws and the general obligations of financial services licensees.
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The regulator added that its surveillance revealed problems with Morgans’ internal controls including the way it handled confidential market-sensitive information such as restrictions on staff trading and managing conflicts of interest in corporate transactions.
Under the new conditions, Morgans will have to appoint an independent consultant to review and evaluate its compliance measures.
The consultant will report to ASIC and Morgans in early 2016 on the adequacy of these measures and provide recommendations to ensure that Morgans’ compliance measures are adequate.
Morgans will also have to advise ASIC of any recommendations that it do not propose to implement and provide reasons for any such decision.
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